A common goal shared by a lot of female entrepreneurs is the constant drive to grow their business. But what does growth mean to you? Is it the sudden influx of new customers, revenue that’s increasing or simply more work to do!
Ultimately business growth is a personal decision and just how much you want to grow your business comes down to your level of ambition and appetite for risk.
Before anything else, it is essential to focus your time, effort, money and energy on the right strategies that keep moving your business forward.
When you choose to grow your business or how fast you do it is up to you. However, knowing the stage of growth that your business currently fits into will help solidify your decision.
The importance of understanding the stages of growth
It allows you to focus your time and energy on the right business strategies that you need to implement to help with moving to the next stage of growth.
It enables you to know the key requirements at various points and what action steps you need to start or stop taking.
It helps you structure your thinking as you grow.
Do you actually want to grow?
If you’re happy with your current level of growth and the stage of business, there’s no shame in maintaining the status quo.
A few factors to consider when you want to pursue your business’s growth:
1. What do you want as the owner of the business?
What do you ultimately want more of? Is it;
Time
Money
Security
Taking care of employees
Building the company for sale
Something else?
Do you think growth will provide more or less satisfaction or security for you? With growth comes additional pressures, will this cause you too much stress and is it worth the profit?
2. Is your business offering actually one that can grow?
I hate to break it to you but not all businesses are made to grow. But I can create an online course you say! Hmmm as much as the gurus would want you to believe it, creating an online course is not the answer to high growth.
3. Are your customers wanting you to grow?
Is there constant and continuous demand for your products and services from your existing customers? And not sudden spikes, but a consistent increase in sales? Have they been asking you to grow and you didn’t realise? Growth to satisfy customers hopefully increases sales that covers the cost of expanding.
4. How well are you handling your current volumes?
If you’re not on top of your current workload, then growth is only going to make it worse.
There is no one-size-fits-all solution when planning what to do next. You just need to ensure that you are ready when you make the decision it’s time to grow. Afterall, you can’t outgrow your problems.
